Financial Performance - Q4 2025 net loss of $482 million, diluted EPS of $(1.08), and adjusted EPS of $(1.08), primarily due to a 24% decrease in total crypto market capitalization[13] - Full year 2025 net loss of $241 million, diluted EPS of $(0.61), and adjusted EPS of $(0.61), impacted by lower digital asset prices and approximately $160 million in one-time costs[13] - Total revenues for the year ended December 31, 2025, were $60,406,728, a 42% increase from $42,596,673 in 2024[54] - Net loss for the year ended December 31, 2025, was $(241,349), compared to a net income of $346,722 in 2024[54] - Adjusted gross profit for the year ended December 31, 2025, was $426,134, down from $1,016,014 in 2024[60] - The adjusted income (loss) per share for the year ended December 31, 2025, was $(0.61), compared to $0.84 in 2024[71] - Basic net income per Class A common stock for Q4 2025 was $(1.04), down from $0.34 in Q4 2024[57] - Net income for the year ended December 31, 2025, was $(241,349) thousand, compared to $(434,137) thousand in the previous year[64] - Adjusted EBITDA for the year ended December 31, 2025, was $33,671 thousand, a significant improvement from $(215,813) thousand in 2024[64] Assets and Liabilities - Total assets as of Q4 2025 were $11,348 million, a 2% decrease from Q3 2025, while total equity was $3,035 million, down 4%[3] - Galaxy Digital Inc. reported total assets of $11.35 billion as of December 31, 2025, compared to $7.12 billion in 2024, reflecting a significant growth of approximately 59% year-over-year[51] - The company's current assets increased to $8.52 billion in 2025 from $5.88 billion in 2024, marking an increase of about 45%[51] - Total liabilities rose to $8.31 billion in 2025, up from $4.93 billion in 2024, indicating a 68% increase year-over-year[52] - Galaxy Digital's digital intangible assets, which include significant fair value measurements, increased to $3.53 billion in 2025 from $2.55 billion in 2024, representing a growth of approximately 38%[51] Operational Highlights - Digital Assets generated adjusted gross profit of $51 million in Q4 2025, down 84% from $318 million in Q3 2025[11] - Asset Management business saw $2.0 billion in net inflows, representing 34% organic growth, with total assets on platform ending the year at $12 billion[9] - Average loan book size increased marginally to $1.8 billion, demonstrating resilience despite lower digital asset prices[14] - Galaxy Digital's digital assets loan receivable increased to $1.07 billion in 2025 from $579.53 million in 2024, reflecting an increase of approximately 85%[51] - The company incurred a mining-related impairment loss of $95,056 thousand during the year ended December 31, 2025[64] Capital and Investments - The company raised $325 million in equity capital and $1.3 billion in exchangeable senior notes to fund growth initiatives[9] - Galaxy expanded its staking platform through five integrations with leading global custodians and acquired Alluvial Finance to enhance its staking capabilities[9] - Galaxy's Helios Data Center campus received ERCOT approval for an additional 830 MW of power capacity, bringing total approved capacity to over 1.6 gigawatts[22] - The company is positioned among the largest data center developers in North America with its 1.6 GW Helios campus in Texas, which supports AI and HPC workloads[35] Future Outlook - Galaxy Digital plans to host an Earnings AMA on February 10, 2026, to discuss financial results and forward-looking statements, indicating a commitment to transparency with investors[34] - The adjusted EBITDA for the fiscal year 2025 is expected to provide insights into operational performance, although specific figures were not disclosed in the preliminary information[41] - The company emphasizes the importance of adjusted gross profit and adjusted EPS as non-GAAP financial measures to provide a clearer picture of financial performance[41] Expenses - Operating expenses for the year ended December 31, 2025, totaled $61,593,507, up from $43,399,054 in 2024, reflecting a 42% increase[54] - Total operating expenses for Q4 2025 were $10,780,946, a 34% decrease from $16,222,765 in Q4 2024[57] - Settlement expenses for the year ended December 31, 2025, amounted to $8,933 thousand[64] - Depreciation and amortization expense for the year ended December 31, 2025, was $34,069 thousand[64] - The impairment of digital assets for the year ended December 31, 2025, was $753,701, compared to $331,920 in 2024[54] - Equity-based compensation and related expenses totaled $65,519 thousand for the year ended December 31, 2025[64]
Galaxy Digital Inc-A(GLXY) - 2025 Q4 - Annual Results